G20 should work to overcome stagnation: PutinFebruary 15, 2013 - 21:39 AMT PanARMENIAN.Net - The G20 of developed and leading emerging market economies should focus its efforts on working out effective measures to overcome stagnation in the world economy, Russian President Vladimir Putin said on Friday, Feb 15, according to RIA Novosti. “The main challenge today is whether the G20 Group can be also effective in solving long-term development tasks and offering policies that would pull the global economy out of stagnation and uncertainty, and into a steady growth trajectory,” Putin said at a meeting of G20 finance ministers and central bank chiefs. Russia, which holds the G20 rotating presidency this year, has formulated the G20's agenda based on this challenge, Putin said. “Russia proposes that the G20 agenda be focused on the main tasks of ensuring balanced growth and creating jobs, stimulating investment, increasing transparency and developing effective regulation,” Putin said. The G20 countries should pursue transparent state debt management policies to promote a return of investor confidence, Putin said, adding the average debt burden in developed economies already exceeded their GDPs. “There is no clarity how countries will service their debt,” which causes investors’ cautious behavior and drives countries into “an endless circle of debt and economic crises,” Putin said. “We are convinced that an understandable and transparent policy by governments to manage their budget deficit and state debt can ensure a necessary level of investors’ confidence,” the Russian president said. This is the reason why the issues of investment, transparency and effective regulations are at the focus of the G20 agenda during Russia’s presidency, he said. Russia will maintain a conservative strategy regarding state debt levels, Putin said. “Russia has one of the world’s lowest state debt levels … and the country’s lowest inflation rate for the past 15-20 years. We hope we’ll continue this strategy this year and in the medium term. We’ll abide by a very weighted and responsible conservative approach to state finances,” Putin said. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | U.S. welcomes efforts to define Armenia-Azerbaijan border The United States welcomes efforts to define the border between Armenia and Azerbaijan, says Vedant Patel. Biden honors resilience of Armenian people on April 24 U.S. President Joe Biden has issued a statement on the 109th anniversary of the Armenian Genocide. Ex-Karabakh leader moved to solitary confinement cell in Baku, his son says David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. Macron says France commemorates 109th anniv. of Armenian genocide Today France commemorates the 109th anniversary of the Armenian genocide of 1915, Macron says. |